Alexander C. Hadjipateras
DORIAN LPGAbout Alexander C. Hadjipateras
Alexander C. Hadjipateras, 46, is Chief Operating Officer of Dorian LPG (LPG) since April 24, 2024, previously Senior Executive Vice President of Dorian LPG (USA) LLC and Managing Director of Dorian LPG Management Corp. (Athens) from July 2023, and earlier Executive Vice President of Business Development; he holds a B.A. in History from Georgetown University and an EMBA from HEC Paris and is the son of CEO John C. Hadjipateras . Company performance during FY2025 (covering his first year as COO) included revenues of $353.3 million, adjusted EBITDA of $206.0 million, and net income of $90.2 million; pay‑vs‑performance TSR for FY2025 was $524.84 per $100 initial investment versus a peer group $593.49 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dorian LPG Ltd. | Chief Operating Officer | Since Apr 24, 2024 | Focus on commercial strategy; oversight of marine and shoreside operations |
| Dorian LPG (USA) LLC | Senior Executive Vice President | Since Jul 2023 | Executive leadership; development and operations oversight |
| Dorian LPG Management Corp. (Athens) | Managing Director | Since Jul 2023 | Managing Athens operations; coordination with major energy companies |
| Dorian LPG (USA) LLC | Executive Vice President, Business Development | Prior role (dates not disclosed) | Business development; time-charter approvals and newbuilding opportunities |
| Razorfish (San Francisco) | Business Development Manager | Prior role (dates not disclosed) | Digital consultancy experience; commercial strategy exposure |
External Roles
| Organization | Role | Years |
|---|---|---|
| Helios LPG Pool | Director | Current as of proxy date |
| UK P&I Club | Director | Current as of proxy date |
| Hellenic War Risks | Director | Current as of proxy date |
| Greek Shipping Corporation Committee | Director | Current as of proxy date |
Fixed Compensation
| Component | FY2025 Amount | Notes |
|---|---|---|
| Base Salary | $425,000 | Approved effective Apr 1, 2024 |
| Bonus paid (reflects prior-year earn) | $303,500 | SCT “Bonus” for FY2025 reflects bonus earned in FY2024 |
| Employment Agreement (DORMACO) | €15,198 per month | Indefinite duration; included within base salary; discretionary bonuses subject to Compensation Committee approval |
Multi‑year compensation (Summary Compensation Table): | Metric | FY2023 | FY2024 | FY2025 | |---|---|---| | Salary | $370,000 | $370,735 | $425,000 | | Bonus (paid) | $253,000 | $304,889 | $303,500 | | Stock Awards (grant‑date fair value) | $471,000 | $849,900 | $1,114,800 | | All Other Compensation | $9,300 | $27,296 | $10,762 | | Total | $1,103,300 | $1,552,820 | $1,854,062 |
Performance Compensation
| Item | Details |
|---|---|
| FY2025 Annual Cash Incentive—Structure | Discretionary formula adopted Apr 23, 2025; metrics used as reference: EBITDA (40%), Safety (25%), Individual Performance (35%) |
| FY2025 Annual Cash Incentive—Awarded | $743,750 (recognized in FY2026 for FY2025 performance) |
| FY2025 Company Results (context) | Adjusted EBITDA $206.0 million (non‑GAAP); Revenues $353.3 million; Net Income $90.2 million |
| FY2026 LTI Transition | Introduction of PSUs (20% of LTI) and time‑based RS (80%); PSU metrics: RONIC and relative TSR with 0–200% payout scale; Alexander’s FY2026 LTI target value ≈175% of base salary using 90‑day VWAP through Mar 31, 2025 |
Metric framework for FY2025 bonus:
| Metric | Weighting | Target | Actual | Payout/Vesting Notes |
|---|---|---|---|---|
| EBITDA | 40% | Not disclosed | Adjusted EBITDA $206.0m | Bonus awarded $743,750; detailed formula outcomes not disclosed |
| Safety | 25% | Not disclosed | Not disclosed | Determined by Compensation Committee |
| Individual Performance | 35% | Not disclosed | Not disclosed | Determined by Compensation Committee |
Equity Ownership & Alignment
| Item | Amount/Detail |
|---|---|
| Beneficial Ownership | 83,823 common shares; <1% of outstanding |
| Unvested RS/RSU at FY2025‑end | 20,000 (8/5/2024 grant); 10,000 (8/5/2023 grant) |
| Market Value of Unvested (3/31/2025) | $446,800 (20,000 @ $22.34); $223,400 (10,000 @ $22.34) |
| Shares Vested in FY2025 | 30,000; value realized $1,114,800 (vested at $37.16 on Aug 5, 2024) |
| Options | None granted since inception; no exercises in FY2025 |
| Hedging/Pledging | Company does not currently prohibit hedging; pledging not disclosed |
Equity grant and vesting:
| Grant Date | Shares Granted | Grant‑Date Fair Value | Vesting Schedule |
|---|---|---|---|
| Aug 5, 2024 | 30,000 | $1,114,800 | One‑third on grant date; remaining two‑thirds on first and second anniversaries of Aug 5, 2024 |
| Aug 5, 2023 | 10,000 (outstanding unvested at FY2025‑end) | Not disclosed in grant table | One‑third annually starting Aug 5, 2023 |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | DORMACO agreement of indefinite duration (June 30, 2023); €15,198 monthly remuneration; discretionary bonuses subject to Compensation Committee approval; may serve as director/officer of affiliated entities |
| Severance Plan (2014 Executive Severance and CIC) | Double‑trigger for change‑in‑control; severance equals 2x salary+bonus (without CIC) or 2.99x salary+bonus (with CIC within two years), plus pro‑rata bonus, 18 months COBRA cash payment, and outplacement up to $10,000; accelerated vesting upon CIC; excise tax “better‑of” cutback, no gross‑up |
| Clawback | Company maintains clawback policies applicable to executives |
Potential payments for Alexander C. Hadjipateras (estimated as of Mar 31, 2025):
| Scenario | Cash Severance | Pro‑Rata Bonus | Accelerated Equity | Total |
|---|---|---|---|---|
| Termination without Cause / for Good Reason | $1,843,703 | $450,713 | — | $2,294,416 |
| CIC Termination Period (double‑trigger) | $2,710,658 | $92,277 | $670,200 | $3,473,135 |
Compensation Peer Group
| Peer Companies (FY2025) |
|---|
| Bristow Group, Inc.; Kirby Corporation; Pangaea Logistics Solutions, Ltd.; Genco Shipping & Trading Ltd.; Matson, Inc.; SEACOR Marine Holdings Inc.; International Seaways, Inc.; Overseas Shipholding Group, Inc.; Tidewater Inc. |
| Peer Group Use |
Related Party Transactions and Governance Flags
- Family employment: Alexander received $728,500 in salary and cash bonus for FY2025; compensation stated as commensurate with peers .
- Insider policy: Company requires pre‑clearance of trades by insiders; hedging not prohibited by policy (no explicit pledging disclosure) .
- Director independence and committee oversight: Compensation Committee composed of independent directors; uses independent consultant Pay Governance LLC; no consultant conflicts identified .
Investment Implications
- Alignment: Significant equity grants and unvested RS/RSU (30,000 unvested at FY2025‑end) create ongoing alignment and retention incentives; vesting on anniversaries of Aug 5, 2024 may create periodic liquidity windows and potential selling pressure around vest dates .
- Pay‑for‑performance evolution: Introduction of PSUs in FY2026 (RONIC and relative TSR, 0–200% payout) strengthens pay‑outcomes linkage; Alexander’s LTI target ≈175% of base salary suggests higher at‑risk pay mix going forward .
- Severance economics: Double‑trigger CIC protection with 2.99x multiple and equity acceleration increases retention but also raises potential change‑in‑control costs; absence of tax gross‑ups (cutback mechanism) is shareholder‑friendly .
- Governance considerations: Non‑prohibited hedging and multiple family members employed warrant monitoring for potential alignment risks; however, compensation decisions are overseen by an independent Compensation Committee with disclosed policies and independent advice .
- Performance context: FY2025 TSR retraced from FY2024 highs and earnings normalized amid industry cyclicality; ongoing execution in chartering and operations under Alexander’s COO tenure should be assessed against adjusted EBITDA ($206.0m) and future PSU metrics .